Dubai banks for the first time accounted for 46.5% of the total bank deposits in the country’s banks, which exceeded a total of 1.111 trillion dirhams at the end of September 2023.

Data released by the Central Bank indicated that the amount of credit issued by Emirate banks exceeded 930 billion dirhams with a share of 47% of total domestic credit, maintaining its leadership in bank lending.

Assets owned by Emirate banks rose to 1.777 trillion dirhams in September, while investments reached 243 billion dirhams.
On the other hand, Abu Dhabi banks are leading in their share of the country’s total banking assets, which rose from 1.867 trillion dirhams, investments reached 298 billion dirhams, and deposits reached 1.107 trillion dirhams, while credit increased. 884 billion dirhams by September 2023.

Other state-owned banks attracted about 307 billion dirhams in bank assets, while deposits rose to 203 billion dirhams and loans to 168 billion dirhams, while investments reached 52.3 billion dirhams. On the other hand, banks operating in the country hired about 1,564 new employees in the first nine months of the current year 2023.

The number of employees in banks in the country increased by about 4.3% to 37,394 employees at the end of the third quarter in September, compared to 35,830 employees at the end of last year, data released by the central bank showed. The number of employees in local banks reached 30,156 employees compared to 28,737 employees at the end of 2022, while the number of employees of foreign banks operating in the country increased from 7,093 employees to 7,238 employees at the end of the third quarter of this year. .

Term Deposit
In a related context, central bank data showed a slight decline in term deposits, which settled at 702.5 billion dirhams at the end of last September, the highest level since December 2020 and up 14.5% in the first nine months of the year. Compared to about 613.01 billion dirhams in December 2022. An increase equivalent to 89 billion dirhams.

The local currency, the dirham, was the most active in term deposits, with its share rising to around 60% or 419.4 billion dirhams, while the share of foreign currencies fell by around 40%, amounting to 283 billion. Dirhams.
According to a statistical report released by the Central Bank of the United Arab Emirates, the amount of savings deposits in the country’s banking sector at the end of last September was about 266.4 billion dirhams.

Central bank statistics show that savings deposits increased by 8.2% or more than 20.2 billion dirhams since the beginning of the year, compared to 245.86 billion dirhams at the end of December 2022. On a monthly basis they were equivalent to 4.1 billion dirhams compared to 1.5% or about 262.3 billion dirhams. A billion dirhams last August. According to statistics, local currency accounted for the largest share of savings deposits, about 82% or 218.7 billion dirhams in value, while foreign currencies accounted for 18% or 47.7 billion dirhams.

With a growth of 8.1% compared to 907.45 billion dirhams in December 2022, demand deposits rose to 981.4 billion dirhams at the end of last September, an increase equal to 74 billion dirhams, distributed by 693.7 billion dirhams. The local currency “Dirham” has a share equal to 70.6% and about 287.7 billion dirhams in foreign currencies, 26%.

Demand deposits have continued to increase over the past years, rising from 599.6 billion dirhams at the end of 2019 to 696.8 billion dirhams at the end of 2020, 848 billion dirhams in 2021 and 907.3 billion dirhams in 2022.

Gold reserves
In addition, the gold reserves of the UAE Central Bank were confirmed at 16.2 billion dirhams for the end of September and the third quarter of 2023, while the reserves were 1.2% higher than those recorded at the beginning of the year, which stood at 16.05 billion dirhams.

Gold reserves at the end of the first quarter of this year saw a movement between slight fluctuations as they recorded the highest reserves of 17.4 billion dirhams for the whole of 2023.
Time series data revealed that reserves increased by 26% during the pandemic period in 2020, with gold reserves at 12.862 billion dirhams.